Monday, April 14, 2014

Action Insight Daily Report 4-15-14

Action Insight	Candlesticks Trades	Markets Summary	Action Bias	Top Movers	Daily Technicals
Calendar	Elliott Wave Trades	Markets Volatility	Pivot Points	Heat Map	Daily Fundamentals

Action Insight Market Overview	Markets Snapshot
Daily Report: Dollar Firm in Consolidative Markets, Busy Calendar Ahead Dollar remains firm in consolidative markets in Asian session today. Better than expected retail sales data propelled US equities higher overnight as DOW closed above 16000 handle again at 16173.24. But overall, there is no clear indication of reversal and DOW, S&P 500 and Nasdaq are having mildly bearish near term outlook. Dollar index's recovery could extend higher but again, we'd be expecting strong resistance from 80 handle to limit upside and bring another fall. Technically, there is no change in dollar's outlook against other major currencies in the forex markets. EUR/USD, GBP/USD and AUD/USD remains near term bullish while USD/CHF, USD/JPY and USD/CAD are staying near term bearish. The economic calendar today is rather busy with special focus on inflation data from Swiss, UK and US. Full Report Here...
Featured Technical Report
USD/CAD Daily Outlook Daily Pivots: (S1) 1.0937; (P) 1.0965; (R1) 1.0988; More... Intraday bias in USD/CAD remains neutral with focus on 1.1000 resistance. Considering bullish convergence condition in 4 hours MACD, break of 1.1000 will confirm short term bottoming and bring stronger rebound back towards 1.1278 high. Meanwhile, break of 1.0857 will extend the correction from 1.1278 lower. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous
23:01	GBP	BRC Sales Monitor Y/Y Mar	-1.70%		-1.00%
1:30	AUD	RBA Minutes
7:15	CHF	Producer & Import Prices M/M Mar		-0.10%	-0.40%
7:15	CHF	Producer & Import Prices Y/Y Mar		-0.90%	-0.80%
8:30	GBP	CPI M/M Mar		0.20%	0.50%
8:30	GBP	CPI Y/Y Mar		1.60%	1.70%
8:30	GBP	Core CPI Y/Y Mar		1.60%	1.70%
8:30	GBP	RPI M/M Mar		0.30%	0.60%
8:30	GBP	RPI Y/Y Mar		2.50%	2.70%
8:30	GBP	PPI Input M/M Mar		-0.10%	-0.40%
8:30	GBP	PPI Input Y/Y Mar		-6.10%	-5.70%
8:30	GBP	PPI Output M/M Mar		0.10%	0.00%
8:30	GBP	PPI Output Y/Y Mar		0.30%	0.50%
8:30	GBP	PPI Output Core M/M Mar		0.10%	0.10%
8:30	GBP	PPI Output Core Y/Y Mar		0.90%	1.10%
8:30	GBP	DCLG UK House Prices Y/Y Feb			6.80%
9:00	EUR	German ZEW Survey (Economic Sentiment) Apr		46	46.6
9:00	EUR	German ZEW Survey (Current Situation) Apr		52	51.3
9:00	EUR	Eurozone ZEW Survey (Economic Sentiment) Apr		60.7	61.5
9:00	EUR	Eurozone Trade Balance (EUR) Feb		13.9B	13.7B
12:30	CAD	Manufacturing Shipments M/M Feb		1.10%	1.50%
12:30	USD	Empire State Manufacturing Apr		7.75	5.61
12:30	USD	CPI M/M Mar		0.10%	0.10%
12:30	USD	CPI Y/Y Mar		1.50%	1.10%
12:30	USD	CPI Core M/M Mar		0.10%	0.10%
12:30	USD	CPI Core Y/Y Mar		1.60%	1.60%
13:00	USD	Net Long-term TIC Flows Feb		14.6B	$7.3B
14:00	USD	NAHB Housing Market Index Apr		50	47

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency traded lower in European session and bids at 1.3810-20 were filled but buy orders are still noted at 1.3800, fresh demand should emerge around 1.3775-85 and further out at 1.3750. On the upside, offers are lowered to 1.3850 and in good size at 1.3865-75 as well as 1.3890-00 (stops above figure), more sell orders are tipped at 1.3920 and 1.3940-50, mixture of offers and stops is located at 1.3970-75 (option barrier), defensive selling interest is tipped ahead of barriers at 1.3990 and 1.4000 with bigger stops placed above figure.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Hold long entered at 0.8270

Despite last week's strong rebound to 0.8310, as the single currency has retreated quite sharply after holding below previous resistance at 0.8315, dampening our view that low has been formed at 0.8231 and this support needs to hold to retain prospect of another rebound later, above indicated resistance at 0.8310-15 would add credence to this view, bring retracement of recent decline to previous support at 0.8325-30, break there would suggest recent fall has ended

Trade Idea: USD/CAD - Hold long entered at 1.0890

As the greenback has retreated after intra-day initial rise to 1.0993, suggesting consolidation would be seen but downside should be limited to Friday's low of 1.0919 and bring another rebound to said resistance, above there would bring test of previous resistance at 1.1010, break there would suggest low is possibly formed at 1.0858, then gain to 1.1045-50 would follow, break there would add credence to this view, bring test of 1.1075-80, a breach of this level would confirm